Aktia published a weaker-than-expected Q1 report. This was due to the income side, with the net interest income in particular falling slightly faster than expected. We still consider Aktia’s valuation attractive and see the dividend yield combined with the upside in valuation multiples providing investors with a good expected return.

Aktia published its lower-than-expected Q1 report this morning. This was due to the income side, with the net interest income in particular falling slightly faster than expected. However, there is no big drama associated with this, as the direction is known to be downward. Asset management sales, on the other hand, were a clear disappointment, with net subscriptions remaining well in the red. As expected, the company did not adjust guidance and still expects comparable EBIT to be lower than last year.

We expect Aktia's result to be slightly lower than in the comparison period due to a lower interest margin and increased operating expenses. In the earnings report, we will focus not only on the numbers, but also on the development of the quality of the loan book and management's comments on the outlook for credit demand, as the quarter's numbers have not yet been affected by fears of an escalation of the trade war.